Wednesday, May 29, 2019
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WHAT TO WATCH
A handful of retailers will be releasing quarterly reports today.
Analysts polled by Bloomberg are expecting Abercrombie & Fitch to report an adjusted earnings loss of 43 cents per share on $733.33 million in revenue. Canada Goose is projected to report adjusted earnings of 5 cents per share on $158.92 million in revenue, while Dick’s is expected to report adjusted earnings of 59 cents per share on $1.90 billion in revenue. After the market close, Calvin Klein parent PVH is anticipated to have earned $2.45 per share on $2.37 billion in revenue during the quarter.
China may weaponize rare earths in trade war: A flurry of Chinese media reports on Wednesday, including an editorial in the flagship newspaper of the Communist Party, raised the prospect of Beijing cutting exports of the commodities that are critical in defense, energy, electronics and automobile sectors. The world’s biggest producer, China supplies about 80% of U.S. imports of rare earths, which are used in a host of applications from smartphones to electric vehicles and wind turbines.[Bloomberg]
Huawei challenges legality of U.S. defense bill: China's Huawei Technologies Co Ltd has filed a motion for summary judgment in its lawsuit against the U.S. government, in the telecoms equipment maker's latest bid to fight sanctions from Washington that threaten to push it out of global markets. [Reuters]
China's economy weakened in May: China’s economic outlook deteriorated this month, after April’s weaker-than-expected performance combined with the renewed trade dispute to hit confidence, according to a Bloomberg Economics gauge aggregating the earliest available indicators of business conditions and market sentiment. [Bloomberg]
The Trump stock-market rally looks like it's over: President Donald Trump has boasted more than 60 times about the performance of the stock market since voters elected him in 2016. But the boasting may be over. Since the day Trump won the election, the S&P 500 index (^GSPC) has risen 32%. But almost all of that gain came by January 2018. Since Jan. 26, 2018, the S&P has fallen 1.7%. For the last 16 months, the stock market has gone nowhere. [Yahoo Finance]
Beyond Meat shares soar 7%: Beyond Meat (BYND) shares gained more than 7% in trading Tuesday as the company announced plans to begin producing its meatless products at a European plant in the Netherlands by next year and major firms initiated coverage on the high-flying stock. [Yahoo Finance]
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